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1 Carol T. Crawford, Credit Practices TRR: Memorandum to the Commission 1 (1983)

handle is hein.usfed/cptrrmmc0001 and id is 1 raw text is: FEDERAL TRADE COMMISSION WASHINGTON. 0. C. 20580 BUREAU OF DNtiSUMER; R'iECTION May 24, 1983 MEMORANDUM TO : COMMISSION FROM : Carol T. Crawfordcr/1 Director SUBJECT: Credit Practices TRR K03 -On April. 4, 1983 former Director Timothy Muris forwarded a memorandus to the Commission recommending termination of this rulemaking proceeding. I am forwarding the staff's response to that memorandum. I concur in Mr. Muris' recommendation. Although there is no need for yet another detailed analysis of the rulemaking record, I do wish to express my basic views of the proceeding. This memorandum briefly discusses three major issues: the options available to consumers, the benefits and costs of the proposed rule, and the alternative of case by case enforcement. I. Options Available to Consumers There is no doubt that consumer credit contracts do not generally allow for the kind of bargaining over terms which occurs in many other contractual negotiations. Credit contracts gncrally are standard form contracts, presented to consumers on a take it or leave it basis. Consumers may reject the contract and go elsewhere, or may bargain over the amount of the loan, its term, or the interest rate, but there is no bargaining over the details of the contract. The absence of bargaining and the extensive use of standard form contracts should not be surprising in view of the high volume of consumer credit contracts processed each year. There is simply no other way consumer credit could be provided on its present scale.

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